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Tax rules continue to change due to the pandemic—both for this tax season, and for 2020. Below are some quick answers to some of the most frequently asked questions we have heard in recent weeks, as well as trusted links for resources related to coronavirus:
Required minimum distributions (RMDs) from retirement accounts are waived for 2020.
The deadline for 2019 tax returns and payments has been extended to July 15, 2020. If you owe money, you can file anytime now and still delay payment until July 15th.
If you make quarterly estimated tax payments, June 15th estimated taxes are still due on June 15th, 2020.
If you receive Social Security benefits and don’t typically file a tax return, you do not need to file an abbreviated (simple) tax return to receive your stimulus payment.
Rules regarding unemployment benefits, particularly for contractors and self-employed workers, are still evolving under the CARES Act. You can find general, and state-specific information through the Department of Labor (DOL) website.
The single most accurate source for information regarding coronavirus can be found at coronavirus.gov, an official website with the most up-to-date information from The Center for Disease Control (CDC), The Federal Emergency management Association (FEMA), and The White House.
